https://www.taxtmi.com/caselaws?id=109389 The court concluded that mens rea is not required for imposing civil penalties under the SEBI Act and Regulations. The SEBI Takeover Regulations, 1997, apply to the preferential allotments, and the respondents were liable for a penalty due to a 529-day delay in filing a report. The proceedings under the SEBI Act are adjudicatory and civil, not criminal. The Adjudicating Officer's discretion in imposing a nominal penalty of Rs. 1,50,000 was deemed appropriate. The appeal was disposed of by setting aside the SAT's reasoning on mens rea but maintaining the SAT's order reversing the penalty. No order as to costs was made. en-us Wed, 03 Mar 2004 00:00:00 +0530 Thu, 02 Jul 2026 14:25:00 +0530 TaxTMI RSS Generator https://www.taxtmi.com/caselaws?id=109389 The court concluded that mens rea is not required for imposing civil penalties under the SEBI Act and Regulations. The SEBI Takeover Regulations, 1997, apply to the preferential allotments, and the respondents were liable for a penalty due to a 529-day delay in filing a report. The proceedings under the SEBI Act are adjudicatory and civil, not criminal. The Adjudicating Officer's discretion in imposing a nominal penalty of Rs. 1,50,000 was deemed appropriate. The appeal was disposed of by setting aside the SAT's reasoning on mens rea but maintaining the SAT's order reversing the penalty. No order as to costs was made. Case-Laws Companies Law Wed, 03 Mar 2004 00:00:00 +0530 https://www.taxtmi.com/caselaws?id=109389